CATEGORY 28 AUSTRALASIAN DENTIST In Michael E. Gerber’s iconic book, “ e E-Myth,” he describes the moment when the ‘technician’ decides to venture into business for themselves as an ‘Entrepreneurial Seizure.’ It’s a moment in time when a person desires more freedom and the nancial bene ts of owning their own business. However, as anyone who has opened their rst business knows, there is much more to the process than instantly reaping the bene ts of practice ownership. When you open your doors for the rst time, you become responsible for all aspects of the business, and the buck stops with you. So, how do you know it’s the right time for your ‘Entrepreneurial Seizure,’ and what can you do to ensure that the process goes as smoothly as possible? Well, the rst thing I would say is to remember that you are not the rst to buy or open your rst practice. ousands of dentists have bought or opened practices before you, so all the knowledge you need is available; you just need to tap into it. Too often, I see young dentists trying to solve problems that have already been addressed numerous times. So, tap into the wisdom of others so you can focus on the things that will help you become successful as quickly as possible. e starting point is to write a detailed business plan, which remains a rarity in the dental sector but is, in my opinion, absolutely essential. ere are dozens of business plan templates available online, but one of the best is provided by www. business.gov.au which I still use when planning new ventures. Just as you wouldn’t start a complex dental case without rst outlining what you want to achieve and how it will be accomplished, you should not start or buy a dental practice without creating a roadmap that outlines your goals and how they will be achieved. A comprehensive business plan covers everything you need to know, from how much capital you need to raise, your marketing plan, your HR requirements, all the way down to the smallest details. is means that once it’s written, you won’t be making impulsive decisions on the go, which can often be expensive. Additionally, if you need to seek nancing, a wellprepared business plan will impress your lender and make them more willing to help. While you should not outsource the writing of your business plan, you should consider seeking assistance with various sections. For instance, you may want to work with your accountant to plan your cash- ow forecast or collaborate with a marketing professional to design and cost the required marketing program. Incorporated into your business plan should also be a demographic study of the area where you plan to open or buy your dental practice. is is often overlooked in favour of choosing an area you simply like, but the demographics of an area and the level of competition you’ll face in your chosen location can be fundamental to the success of the practice, the style of practice you open, and the fees you can charge. A solid understanding of whether your chosen area will make your journey easier or harder can be obtained using resources like Google and the Australian Bureau of Statistics. Now that you are prepared, it’s time for your ‘Entrepreneurial Seizure’ and to start searching for your ideal location or an established practice that has come onto the market. Generally, it is much easier to buy an existing practice with existing cash ow than to start from scratch. Due to the well-documented demographic changes, with all the baby boomers moving into retirement, there are some great practices coming onto the market. e partners at Ray White Practice Sales have all bought and sold, run, and owned dental practices over the past 20 years. So, whether you are buying or selling, we can help you achieve the optimal outcome for your individual needs. u If you believe that 2024 is the right time for you to ‘go it alone’ or if you have any questions at all, give us a call. We are always delighted to discuss any aspect of practice. Is 2024 the right time to go it alone? By Carl Burroughs PROPERTY PRACTICE SALES WWW.PROFDENT.COM.AU #SUPPORTAUSTRALIAN Australian made LUBRICATION FOR LOW & HIGH SPEED INSTRUMENTS ROTAGEN Carl Burroughs
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